Gold Prices in Chennai See Major Fall on Nov 7: 24K/10g Gold Drops Rs. 1,790, Silver Slips Rs. 3,000/Kg

Chennai gold prices saw a significant decline on Thursday following the announcement of Donald Trump's victory in the U.S. presidential election. The U.S. dollar gained strength, hitting a six-week high, which is currently exerting pressure on gold prices. Additionally, treasury yields also rose. Investors are now looking forward to the Federal Reserve's upcoming decision on interest rates.

The 24 carat gold price in Chennai on November 7th dropped by Rs. 1790 per 10 grams to cost Rs. 78,560/- and the 22 carat gold slipped by Rs.1650 per 10 grams to settle at Rs.72,000. Just like that, the 18-carat gold observed a decline of Rs 1300 today and is currently priced at Rs. 59,300/- per 10 grams.

The higher weight category is currently priced at Rs. 7,85,600 per 100 grams of 24-carat gold and Rs. 7,20,000 per100 grams of 22-carat gold. Both the variants declined by Rs.17,900 and 13,000 respectively.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 78,710	₹ 72,000
Mumbai	₹ 78,560	₹ 72,000
Bangalore	₹ 78,560	₹ 72,000
Kolkata	₹ 78,560	₹72,000

Silver Prices In Chennai On 6th November

A major drop in silver prices in Chennai is observed today, following the stability seen yesterday. The price of silver has fallen by Rs. 3,000 per kilogram, now standing at Rs. 1,02,000. Additionally, the price of 100 grams of silver has decreased by Rs. 300, bringing it down to Rs. 10,200. This sharp decline is causing a notable shift in both the gold and silver market, contrasting with the earlier stability seen in prices.

Gold and Silver Futures:

Gold futures on the Multi Commodity Exchange (MCX) for December 5th delivery are currently moving a bit lower, down 0.27% to Rs. 76,449 per 10 grams. Similarly, silver futures for the December 5th expiry tumbled 0.16% to Rs. 90,678 per kg.

Spot Gold And Silver Rates

According to a recent Reuters report, spot gold experienced a slight decline of 0.1%, trading at $2,657.65 per ounce at 05:38 GMT. This followed a dip to its lowest level since October 15 earlier in the day. The precious metal reached an all-time high of $2,790.15 last week but has since lost more than $130 in value. Meanwhile, spot silver decreased by 0.3%, settling at $31.06 per ounce, while U.S. gold futures saw a 0.4% drop, falling to $2,665.20. The dollar index remained near a four-month peak, which raised the cost of bullion for international buyers, contributing to the price pullback.